Palm oil prices on the European vegetable oils market were firmer on Wednesday following a mild recovery in Malaysian palm oil futures. Palm oil was mostly offered at between unchanged and $10 a tonne up after Malaysian palm oil futures closed between 31 ringgit per tonne up and four ringgit down on position evening ahead of the holiday season.
"The market overall is slowing down ahead of the Christmas period with players mostly confining business to some book-squaring and solving logistic problems," one broker said. At 1730 GMT CBOT soyaoil futures were between 0.05 cents per lb down and 0.18 cents up, pressured by technical selling and due to weaker energy markets, while bargain buying in Chicago soyabeans supported soyaoil futures. EU rapeoil was mostly quoted between two and three euros up in slow trade, although rapeseed futures and CBOT soyameal futures were mostly easier.
Comments
Comments are closed for this article.